:Dr. Mostafa Madbouly, the Prime Minister
Egypt to explore new horizons to make its resources sustainable، motivate green projects
Dr. Mostafa Madbouly، the Egyptian Prime Minister، stated that the government was paving، during the past years، the way to encourage private investment through the implementing of all kinds of infrastructure projects، road networks، services، and the development of new lands، so as to make the private sector able to perform its role during this stage.
The state paved the way during the past years، for encouraging private investment by implementing of infrastructure projects and services
Dr. Mostafa Madbouly confirmed that Egypt is keen to explore new horizons with green projects to make its resources sustainable and is working to attract investments in environmentally friendly economic sectors، as Egypt was the first country in the Middle East to issue green bonds.
Egypt to become a regional center for green energy
Dr. Mostafa Madbouly stressed that Egypt aims to become a regional center for green energy، as the state is keen to promote the growth of exports of both technologies and services in this field
He explained that priority was given to attracte private investment in the industries of electric cars، green hydrogen and reducing carbon emissions.
Egypt to strengthen capabilities of "green recovery"
Egypt aims، according to the " Sustainable Sovereign Financing Framework"، to strengthen the capabilities of "green recovery" to achieve comprehensive and sustainable development، as the state tries hard to attract environmentally friendly investments such as: "manufacturing electric cars or cars equipped with natural gas، solar energy، and green hydrogen، desalination of sea water، and generation of energy from wind."
Keening to promote the growth of green technologies and services exports
These investments contribute to enhancing Egypt's competitiveness in the environmental performance index by increasing the percentage of government-funded green public investments to 50% by 2025.
Green public investment to increase to 50% by 2025
The green public investments represent 30 % in the state budget for the fiscal year 2022-2023 and it is targeted to reach 40 % in 2023-2024.
Dr. Mostafa Madbouly issued a ministerial decision، No. 4664، on December 25، 2022، amending some provisions of the executive regulations for the capital market issued by the Minister of Economy and Foreign Trade’s decision No. 135 of 1993، establishing a voluntary market on the Egyptian Stock Exchange for the trading of "carbon emissions reduction certificates."
The Egyptian Stock Exchange expects to start trading carbon certificates in 2024
Ramy El Dokani، Chairman of the Egyptian Stock Exchange affirmed that the management of the stock exchange aims for Egypt to become the main center for trading carbon certificates in the African continent، with the aim of helping companies to reduce carbon emissions and issuing carbon certificates directly for projects، as well as establishing an organized market that allows companies to buy and sell carbon credits related to the size of their emissions.
Egypt to be center for trading carbon certificates in Africa
The carbon market will be promoted as a platform for trading carbon certificates from African countries and registering these certificates in the market in 2023، provided that trading carbon certificates issued for companies and projects through Libra Carbon co. in Egypt starts in 2024.
The Holding Company for Financial Markets Development، affiliated with the Egyptian Stock Exchange، signed last November ،an agreement with the Agricultural Bank of Egypt and Libra Capital co.، to establish the first Egyptian company to develop، manage and issue carbon certificates، and all kinds of environmental certificates and products.
The Egyptian Carbon Exchange aims to promote voluntary carbon markets locally and regionally، and enhance the reduction of domestic greenhouse gas emissions by approving the issuance of carbon credits، and raise awareness، in the public and private sectors، about the climate change risks.